Republic of Serbia Capital Market Development
Capital markets in Serbia are shallow and relatively underdeveloped. The only market segment that functions comparatively well is the government bond market. The contribution of capital markets to financing the economy is limited. The private secto...
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| Language: | English |
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/475341562570095897/Serbia-Capital-Market-Development-Technical-Note http://hdl.handle.net/10986/32043 |
| Summary: | Capital markets in Serbia are shallow
and relatively underdeveloped. The only market segment that
functions comparatively well is the government bond market.
The contribution of capital markets to financing the economy
is limited. The private sector is not making use of
non-government bond markets for its financing needs, given
easy access to affordable bank loans in Serbia’s
bank-dominated financial system. Until recently there was no
IPO activity since 1940, symptomatic of Serbia’s shallow
public and private equity markets. This Technical Note was
prepared by Zsolt Bango (Senior Financial Sector Specialist,
World Bank), Sonia Marie Cattarinussi Iacovella (Senior
Financial Sector Specialist, World Bank) and Eddy Rodriguez
(World Bank Consultant) in the context of the Serbian
Capital Market Assessment mission in Belgrade during June
2018 led by Zsolt Bango. The primary objective of the
mission was to conduct a diagnostic of the Serbian capital
market, with a view to make recommendations for capital
market development. The note contains technical analysis and
detailed information underpinning the assessment’s findings
and recommendations. The report was written under the
guidance of Gunhild Berg (Senior Financial Sector
Specialist, World Bank) and Johanna Jaeger (Senior Financial
Sector Specialist, World Bank) and the team received
excellent support from Tanya Konidaris (Senior Financial
Sector Specialist, World Bank). |
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